The new distributor, Auckland-based Provenco, has already ordered $1 million in K23-related goods and services from Keycorp as part of the deal, Keycorp said.
Keycorp said Provenco had a strong relationship with ETSL, a company claiming to support nearly 85 percent of New Zealand's EFTPOS transactions. “Keycorp has been selective in its choice of partners in New Zealand,” Keycorp general manager Tem Elliott said. “We are now ideally positioned to make an impact on the New Zealand market with the K23 payment terminal.”
Keycorp K23 payment terminals support the Europay-MasterCard-Visa (EMV) security standard for smartcards and magnetic stripe cards.
Keycorp, an Australian company whose largest individual shareholder is Telstra, claims the K23s could capture “significant market share” in New Zealand. Telstra was in April rumoured to be close to selling its Keycorp stake.